Prblm You borrow $80,000. You make monthlyrepayments over the next three years at a monthlyinterest rate of 3%. What is the amount of eachmonthly repayment?a. $3,664.30b. $28,282.43c. $2,326.50d. $26,800.11

Answered: Image /qna-images/answer/6a169bb1-ca5c-4bd7-84e8-f8bd05faf6b3.jpg

Answered: You borrow $80,000. You make monthly…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 5Q: If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the...

See similar textbooks

Similar questions

If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the next eight years, how much will be accounted for as a current portion of a noncurrent note payable each year?
Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600
You borrow $80,000. You make monthly repayments over the next three years at a monthly interest rate of 3%. What is the amount of each monthly repayment? a. $3,664.30 b. $28,282.43 c. $2,326.50 d. $26,800.11
Need help
What is the amount of each monthly repayment ?
Correct answer
If you borrow $7,300 at $800 interest for one year, what is your effective interest rate for the following payment plans? Note: Input your answers as a percent rounded to 2 decimal places. a. Annual payment b. Semiannual payments c. Quarterly payments d. Monthly payments Effective Rate of Interest % % % %
If you borrow $7,500 at $550 interest for one year, what is your effective interest rate for the following payment plans? (Input your answers as a percent rounded to 2 decimal places.) a. Annual payment b. Semiannual payments c. Quarterly payments d. Monthly payments Effective Rate of Interest % % %
You are about to borrow $25,000 from a bank atan interest rate of 10% compounded annually. Youare required to make three equal annual repaymentsin the amount of $10,052.87 per year, with the firstrepayment occurring at the end of year 1. Show theinterest payment and principal payment in each year. Thanks.
A loan of $20,000 is paid off with installments of $1400 made at the end of each six months. The interest rate is 7% compounded semi-annually. Find the size of the final payment. Select one: a. $211.38 b. $204.23 C. $203.50 d. $208.36
Your goal is to accumulate $60,000 in seven years' time. What monthly deposit must you make into a savings account to reach your goal? Interest rates are 12% p.a. compounded monthly. a. $1,059.16 b. $714.29 c. $5,947.06 d. $459.16
You are able to make a current deposit in the amount of $21,605.49. The expected discount rate is 9.6%. Interest is earned on an annual basis. The time period is 10 years. What is the size of the annual withdrawal possible under these circumstances? a. $2,160.54 b. $3465.00 c. $3,456.00 d. $4,356.00

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

EBK CONTEMPORARY FINANCIAL MANAGEMENT

Finance

ISBN:

9781337514835

Author:

MOYER

Publisher:

CENGAGE LEARNING - CONSIGNMENT

Pfin (with Mindtap, 1 Term Printed Access Card) (…

Finance

ISBN:

9780357033609

Author:

Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

EBK CONTEMPORARY FINANCIAL MANAGEMENT

Finance

ISBN:

9781337514835

Author:

MOYER

Publisher:

CENGAGE LEARNING - CONSIGNMENT

Pfin (with Mindtap, 1 Term Printed Access Card) (…

Finance

ISBN:

9780357033609

Author:

Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:

Cengage Learning

Corporate Fin Focused Approach

Finance

ISBN:

9781285660516

Author:

EHRHARDT

Publisher:

Cengage

EBK CFIN

Finance

ISBN:

9781337671743

Author:

BESLEY

Publisher:

CENGAGE LEARNING - CONSIGNMENT

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

SEE MORE TEXTBOOKS

You borrow $80,000. You make monthly repayments over the next three years at a monthly interest rate of 3%. What is the amount of each monthly repayment? a. $3,664.30 b. $28,282.43 c. $2,326.50 d. $26,800.11